Liz Truss Resigns [Who'll be the next Prime Minister?]

[Dave42]

Originally Posted by Hugh

https://www.thesun.co.uk/news/200790...spending-cuts/



I’m no expert, but shouldn’t the Chancellor look at the impact assessment and forecast before announcing his plan to the markets/world?

gonna be dire what a shock NOTTTTTTTTTTTTTTTT

[papa smurf]

Originally Posted by Ken W

That is what I thought.

That he's no expert?

[denphone]

So if Liz Truss is completely ruling out spending cuts despite the experts saying she needs to slash £60 billion to pay for her massive, unfunded tax cut.

l am no expert but this does not end well.

Originally Posted by 1andrew1

PMQs on now peeps!

Truss has ruled out public spending cutsin response to a question from Starmer. Obviously, if spending is not increased in line with inflation, there will be effective cuts.

Seems fairly unequivocal…

https://www.bbc.co.uk/news/live/uk-p...ost_type=share

Truss says public spending won't be cut

Truss says she will "absolutely" stick to a pledge made during her leadership campaign that she is not planning public spending reductions.

"We are spending almost £1tn of public spending. We were spending £700bn back in 2010," she says.

"What we will make sure is that over the medium-term the debt is falling.

"But we will do that not by cutting public spending, but by making sure we spend public money well."

---------- Post added at 12:36 ---------- Previous post was at 12:36 ----------

Originally Posted by papa smurf

That he's no expert?

That’s what I said…

[daveeb]

Originally Posted by papa smurf

That he's no expert?

What does your wide ranging expertise and infinite wisdom make of the situation and why they didn't run an impact assessment. Is just about every financial institution and many Tory MP's wrong about it being a terrible idea with the PM and Chancellor being the only ones in step ?

[1andrew1]

Originally Posted by denphone

So if Liz Truss is completely ruling out spending cuts despite the experts saying she needs to slash £60 billion to pay for her massive, unfunded tax cut.

l am no expert but this does not end well.

It doesn't seem to add up and if you and I are saying it then I'm sure the markets are too.

Meanwhile, this is a good thread which helps to explain the economic context which the mini budget landed in.

- Markets are frantic
- Govt u-turning on everything
- @theIFS warns its fiscal plans don’t add up
- The @bankofengland governor is dropping bombs
- Jacob Rees-Mogg says the current market chaos has nothing to do with the mini-budget
WHAT ON EARTH IS GOING ON
Where to begin?

Ed Conway @ Sky thread at: https://twitter.com/EdConwaySky/stat...52813203914753

[Dave42]

Originally Posted by denphone

So if Liz Truss is completely ruling out spending cuts despite the experts saying she needs to slash £60 billion to pay for her massive, unfunded tax cut.

l am no expert but this does not end well.

wait to Friday till the BOE help ends gonna be utter carnage Den

[jfman]

Originally Posted by Hugh

Seems fairly unequivocal…

If being pedantic I suppose when inflation is running as high as it is simply maintaining spending at current levels represents a significant cut in real terms.

Do that for a number of years and it’s a substantial amount. If you acknowledge that public sector wages and benefits will increase by something, even if less than inflation, you are still looking at massive cuts elsewhere to pay for it.

[1andrew1]

Originally Posted by jfman

If being pedantic I suppose when inflation is running as high as it is simply maintaining spending at current levels represents a significant cut in real terms.

Do that for a number of years and it’s a substantial amount. If you acknowledge that public sector wages and benefits will increase by something, even if less than inflation, you are still looking at massive cuts elsewhere to pay for it.

Exactly.

As a rule though, I tend not to put too much weight on what Truss says on Day 1 as it is frequently altered by Day 2.

[Dave42]

A member of Truss's own cabinet tells me Truss's and Kwarteng's governance is so dire that some Tory MPs would vote against her in a confidence vote, preferring even a general election that cost them their seats to the current economic chaos

https://twitter.com/Peston/status/1580262987402616837

[Ms NTL]

Truss's dress is the same colour as Zelensky's T-shirt and trousers. Something ain't right!

This entire balls up convinces me further that the main political parties should not select their leaders using their membership at all. The MPs have a wider and more representative mandate but Labour and the Tories then leave the final choice to a narrow bunch of wackos.

Truss won the membership by cosplaying as Thatcher and promising the earth to them and she, and they, dismissed any suggestion this wouldn't work from Sunak as doom-mongering. Now the consequences happened and they've taken us all down with them.

[ianch99]

Originally Posted by Damien

dismissed any suggestion this wouldn't work (from Sunak) as doom-mongering

Remind you of anything? Same idiots, same story ..

Originally Posted by Damien

This entire balls up convinces me further that the main political parties should not select their leaders using their membership at all. The MPs have a wider and more representative mandate but Labour and the Tories then leave the final choice to a narrow bunch of wackos.

Truss won the membership by cosplaying as Thatcher and promising the earth to them and she, and they, dismissed any suggestion this wouldn't work from Sunak as doom-mongering. Now the consequences happened and they've taken us all down with them.

I was really disappointed Ben Wallace, didn’t enter race.

[jfman]

Originally Posted by Damien

This entire balls up convinces me further that the main political parties should not select their leaders using their membership at all. The MPs have a wider and more representative mandate but Labour and the Tories then leave the final choice to a narrow bunch of wackos.

Truss won the membership by cosplaying as Thatcher and promising the earth to them and she, and they, dismissed any suggestion this wouldn't work from Sunak as doom-mongering. Now the consequences happened and they've taken us all down with them.

I think our democracy is for sale enough without marginalising party memberships. Candidates need to be held accountable.